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On December 31, 2021, Bryant Company had 600,000 shares of $1 par common stock issued and outstanding. At that date, stockholders equity had the amounts listed below:

Account	Amount
Common Stock ($1 par value)	$600,000
Additional paid in capital: C/S	900,000
Retained Earnings	800,000

During 2022 the following transactions occurred:

January 9: Issued 12,000 shares of $50 par value, 9% cumulative preferred stock for $52 per share.

Date	Account Titles and Explanation	Ref	Debit	Credit

February 8: Reacquired 15,000 shares of treasury stock for $4 per share.

Date	Account Titles and Explanation	Ref	Debit	Credit

May 1: Declared a cash dividend on preferred stock payable on June 12 to stockholders of record on May 31.

Date	Account Titles and Explanation	Ref	Debit	Credit

June 10: Declared a cash dividend on common stock of $1.00 per share payable on July 10 to stockholders of record on July 1.

Date	Account Titles and Explanation	Ref	Debit	Credit

July 10: Paid both preferred and common stock dividends.

Date	Account Titles and Explanation	Ref	Debit	Credit

December 31: Net income for the year was $2,400,000.

Date	Account Titles and Explanation	Ref	Debit	Credit

December 31: Closed dividend account into Retained Earnings.

Date	Account Titles and Explanation	Ref	Debit	Credit

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